Equal Credit Opportunity Act (ECOA)
Definition of "Equal Credit Opportunity Act (ECOA)"
U.S. law making it illegal to discriminate when giving credit based on factors such as race, religion, color, age, national origin. A lender must respond to credit applications within 30 days. If the application is denied, reasons must be given. The purpose of this law was to assure that lenders would not treat one group of applicants more favorably then other group except for reasonable and justifiable business reasons. Strict rules have in all aspects of a credit transaction including that dealing with the purchase or real estate.
Popular Real Estate Terms
In real estate, the term "preamble" refers to an introductory statement that outlines the fundamental principles and goals guiding the industry's practices. Specifically, in the National ...
Transfer of both real and personal property. An example is the sale of a home with personal belongings. Putting together a group of property to be sold together, perhaps at a discount ...
Absence of a personal liability such as when a creditor may seize an office building used as security for the obligation but cannot attach any other assets of the debtor. ...
Same as term nonconforming use: Property use which is in violation of the current zoning ordinance, but had been in use prior to the zoning ordinance's enactment. A nonconforming use is ...
Provision in a lease agreement allowing the landlord to raise the rental to take into account inflation, higher upkeep costs, and higher interest rates. An index may be used such as the ...
To understand what a principal broker is, we have to go back up the family tree of real estate.You do understand all brokers can be real estate agents, but not every real estate agent can ...
An agreement specified in the lease providing the tenant the option to renew the lease for a given time period upon the expiration of the initial lease. Most lease options include the ...
Siding made out of aluminum, plastic derivates, or cement asbestos having ridges and valleys which is attached to the sides of buildings. ...
Corporation whose stockholders are taxed as partners. That is, income is taxed as direct income to the shareholders. The key advantage of this tax treatment is that shareholders escape ...
Have a question or comment?
We're here to help.